A new study by Sona Asset Management analysts Craig Nicol, Oleg Melentyev, and Charlie Callan maps the dense financial interconnections across the AI ecosystem, revealing a $3.6 trillion web of 176 deals among 202 entities from 2022 to August 2026. The data, visualized by Financial Times Alphaville, shows OpenAI and Anthropic as central nodes with massive inbound and outbound commitments. Key circular loops include Amazon investing ~$50 billion in OpenAI while securing a ~$100 billion compute commitment, and Microsoft's ~$135 billion recapitalization paired with OpenAI's ~$250 billion Azure purchase pledge.

NVIDIA has conditionally committed up to ~$100 billion to OpenAI, which in turn commits hundreds of billions to Oracle, Microsoft, and Amazon — all major buyers of NVIDIA chips. Around 120 of 176 transactions carry a "high circularity flag," indicating capital flowing in closed loops. While not inherently alarming in stable conditions, these links could amplify systemic risk if a major player fails.

Citadel appears as a minor node due to undisclosed commitment sizes, noted only for a reported $2 billion Series C stake in neocloud Nscale. The analysts warn the structure increasingly resembles a closed-loop system warranting regulatory and investor scrutiny.